The door to homeownership is set to be unlocked for buyers near Swansea with Deposit Unlock now available at Parc Ceirw Garden Village in Morriston.
Using the scheme could halve the size of the deposit required to secure a new home, meaning savers could become buyers sooner than anticipated.
Research from Rightmove suggests the average first home now costs almost £225,000, with buyers typically having to raise at least a 10% deposit. But Edenstone, the company behind Parc Ceirw Garden Village, which features the business’s two housing brands, Bluebell Homes and Edenstone Homes, is offering to help both first time buyers and those looking to move secure a new home with a much smaller deposit with the aid of Deposit Unlock.
Adele McCoy, Sales Director, explained: “We understand that for many people raising a deposit is the biggest barrier to buying a brand new home – it can be difficult to save when you’re paying rent or have an existing mortgage to cover. Reducing the size of deposit required to just 5% can make a massive difference, which is why we’ve signed up to Deposit Unlock. It ensures that competitive mortgages are available for those with low deposits. Crucially, unlike some other schemes, it can be used by first time buyers and those making their next move on the housing ladder.”
Developed by the Home Builders Federation with reinsurance firm Gallagher Re, Deposit Unlock is available exclusively to those buying new build homes priced up to £750,000. Under the scheme, the homebuilder pays a percentage of the price of the property into an insurance policy, reducing the risk for the mortgage lender, while giving the buyer access to more favourable rates.
Parc Ceirw Garden Village features everything from two-bedroom starter homes to four-bedroom detached properties designed for family living, plus the rare chance to own a brand new bungalow.
“For those concerned about the rising cost of living and their impact on the environment, a new build home is an ideal choice. A range of built-in energy efficiency features mean they’re generally much cheaper to run than their older equivalents and kinder to the planet too,” McCoy added.
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